Investing.com -- Tenon Medical Inc (NASDAQ:TNON) stock rose 3.4% in premarket trading Friday after the company announced the successful closing of its previously announced at-the-market private investment in public equity (PIPE) financing.
The medical device company, which focuses on treatments for sacro-pelvic disorders, raised approximately $2.85 million in gross proceeds through the issuance of 2,217,904 shares of common stock along with warrants to purchase an equal number of shares. Each share and accompanying warrant were offered at a combined price of $1.285.
The PIPE warrants have an exercise price of $1.16 per share and will expire three years from the date of issuance. Both the issued shares and the shares underlying the warrants carry customary resale registration rights.
Tenon Medical plans to use the proceeds for working capital and general corporate purposes, including upcoming product launches, expansion of commercial operations, advancement of clinical studies, and continued investment in core business operations.
The securities sold in the PIPE have not been registered under the Securities Act of 1933 and cannot be offered or sold in the United States without registration with the SEC or an applicable exemption from registration requirements.
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